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Karachi, January 11, 2007: JCR-VIS Credit Rating Company Limited (JCR-VIS) has maintained the entity ratings of Pak-Gulf Leasing Company Limited (PGL) at ‘BBB+/A-2’ (Triple B Plus/A-Two). Outlook on the medium to long-term rating has been revised from ‘Stable’ to ‘Negative’.

Leverage has remained low over the years. The new management has taken measures to strengthen the institutional framework and hiring for key management positions was undertaken over the last year. The outlook on ratings has been revised in view of the weakening of portfolio quality indicators. The management is actively pursuing the delinquent cases. Trends in this respect will be monitored closely by JCR-VIS and improvement in the portfolio may merit revision in outlook during the year.

Profitability indicators were affected by the marginal decline in the lease portfolio and the increasing cost of funds during FY06, although improvement is expected in this respect during the on-going financial year, as return on an increasing proportion of leases is linked to market based rates.

For further information on this rating announcement, please contact Mr. Ziauddin Ahmed (Ext: 223) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.

Faheem AhmadPresident & CEO

________________________________________________________________________________________________________________________________
Information herein was obtained from sources believed to be accurate and reliable; however,
JCR-VIS Credit Rating Company Limited (JCR-VIS) does not guarantee the accuracy, adequacy
or completeness of any information and is not responsible for any errors or omissions or for
the results obtained from the use of such information. JCR-VIS, the analysts involved in the
rating process and members of its rating committee do not have any conflict of interest
relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its
credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments.
This rating/ranking is an opinion and is not a recommendation to buy or sell any securities.
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2007
JCR-VIS Credit Rating Company Limited. All rights reserved.
Contents may be used by news media with credit to JCR-VIS.